Russian consumer complaints rise 15.7 percent on MFO debt scams
The Bank of Russia received nearly 211,000 complaints in the first half of 2026, marking a 15.7 percent increase year-on-year. A 63 percent jump in complaints against microfinance organisations drove the increase.
Debt relief firms spark microfinance surge
The sharp rise in consumer grievances was primarily fueled by a 63 percent increase in complaints against microfinance organisations (MFOs).
According to the Bank of Russia, this growth stemmed largely from unscrupulous debt relief companies that misled borrowers with promises to write off debts completely without consequences.
These firms ultimately failed to deliver, leaving citizens with unresolved liabilities to their creditors.
Meanwhile, complaints against credit institutions rose by 2.3 percent, driven by a 32.7 percent increase in customer reports regarding denied transactions and account restrictions under newly implemented antifraud measures.
Insurers and brokers see marked drops
In contrast to microfinance issues, several major financial subsectors saw notable reductions in consumer grievances during the first half of the year.
Complaints regarding car lending, mortgage lending, and cyberfraud fell by 33.3 percent, 10.4 percent, and 34.4 percent, respectively.
Insurance market complaints also declined, helped by decreases in compulsory motor third-party liability insurance (-9.4 percent) and life insurance (-30.3 percent).
Brokerage complaints dropped by a third, while management companies and pension funds also recorded fewer disputes.
Friction rising, regulation lacking
Microfinance complaint spikes expose persistent vulnerabilities around predatory debt relief consultants.
Meanwhile, rising account restriction reports reflect necessary friction from stricter antifraud enforcement.
Oversight authorities must move aggressively against unregulated financial intermediaries to restore consumer trust.